You want a loan to start a business straight out of college. The bank, however, is a little wary about whether you will be able to pay the note, and therefore denies the loan. The bank decides to ask you to have a third party sign the note to ensure that the bank will be paid. Consequently, you get an accommodation party to sign the note as an endorser. Does the accommodation party have liability for the note? Explain.

Answer rating: 100% (QA)

Yes the accommodation party does have liability for the note An accommodation party is someone wh... View the full answer